Research

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Securitized Assets: An Untapped Market for Diversifying Credit Risk in LDI Portfolios

Tapping the securitized market can help plan sponsors diversify the corporate credit risk in their LDI portfolios without sacrificing yield and total return potential.

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Private Equity Leverage

Assessing the risk and rewards in the current market environment.

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Introduction to Investment Grade Private Credit

Not all private credit is the same—in this Market Overview & Analysis we explore the nuances of the investment grade private credit market.

Equity Markets Correct

February 12, 2018

It may take some time for the markets to find their bottom. However, our recession indicators are not rising, our cycle indicators are not flashing warnings and our realtime activity indicators say this is a technical selling correction that will exhaust itself.

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Senior Loan 2018 Outlook

January 25, 2018

As we enter 2018, the macro environment continues to remain supportive for credit markets generally. However, the prolonged stretch of low volatility has driven yield-hungry investors to overlook potential risks. Against this backdrop, we believe the most significant risk in the loan market resides in CCC and below-rated loans, as any unexpected uptick in volatility skews risk significantly to the downside.

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Capital Market Assumptions for 2018

December 21, 2017

When financial market historians look back at 2017, the year probably will be highlighted for its tightly compressed levels of volatility. Another notable aspect of the year is that, heading into late December, there has not been a single month of negative returns for the S&P 500 index.

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Unconstrained Fixed Income: Perspectives on Duration

November 8, 2017

An unconstrained opportunity set should not equate to unconstrained risk. In this analysis, we explain why clearly defined risk tolerances, not specific return targets, are most important when approaching today's challenging fixed income markets.

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The U.S. Housing Trade is Far From Over

August 4, 2017

The U.S. housing market still has meaningful upside. In fact, from several perspectives, we are still in the recovery phase. Against a robust economic backdrop, we believe securitized credit is a compelling way for investors to diversify a broader credit portfolio—yet the potential benefits of the asset class remain broadly misunderstood. In this analysis, we reveal why we believe securitized credit has become a “through-the-cycle” allocation.

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